To Benefit from…

To Benefit from…

“Write your injuries in dust, your benefits in marble.” – Benjamin Franklin. So, you’ve hired a new employee or more, now what are you, as HR, providing to new hires to retain them, possibly health insurance, 401K, vacation time, etc.? These fringe benefits are critical factors to the success of your team and overall organization. Fringe benefits can be defined as benefits provided by the employer as various forms of non-wage compensation to an employee, in addition to their normal wages and salary. Fringe benefits include but not limited to; company cars, sick leave, profit sharing, retirement plans, education funding, child-care plans, long-term and life assurance, and relocation assistance. Although an expectation by most job seekers, a competitive fringe benefit packet can make your company more attractive, have applicants more engaged, as well as keep top talent. Who knows, if managed properly, fringe benefits can be a great source to hiring candidates. You may be wondering how the company itself can benefit from these fringe benefits, let me tell you, when companies negotiate with insurance companies, this will lower the cost per employee; therefore the employee feels more assurance and might stay awhile.  In today’s society, retaining top talent has become more difficult, not to mention the the cost of health care is at an all-time high.  Here is where offering a competitive benefit package can be to a company’s advantage. Employees will work harder if they have more to benefit from, fringe benefit that is.

Reference

  1. https://www.boundless.com/management/textbooks/boundless-management-textbook/human-resource-management-7/current-topics-in-human-resource-management-60/the-importance-of-fringe-benefits-306-7293/